Cosmetovigilance Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Cosmetovigilance refers to industry-wide monitoring to address the security of cosmetics products through a regular monitoring service of cosmetics concerning the regulatory compliances provided by the authorities. It is used for gathering, assessing, and monitoring spontaneous reports of unfavorable outcomes noticed during or after typical or reasonably foreseeable cosmetic product usage.

Sizing and Forecast
The cosmetovigilance market size has grown strongly in recent years. It will grow from $3.22 billion in 2023 to $3.49 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to regulatory compliance, increased consumer awareness, adverse event reporting requirements, global market expansion, brand protection..

The cosmetovigilance market size is expected to see strong growth in the next few years. It will grow to $4.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to increasing regulatory scrutiny, consumer demand for transparency, emerging market dynamics, globalization challenges, collaboration with regulatory bodies, rapid product innovation.. Major trends in the forecast period include incorporation of big data analytics, strategic partnerships for data sharing, heightened focus on post-market surveillance, consumer education initiatives, integration with pharmacovigilance practices..

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Segmentation & Regional Insights
The cosmetovigilance market covered in this report is segmented –

1) By Service Type: Pre-Marketing Services, Post-Marketing Services
2) By Reported Category: Skincare, Makeup, Haircare, Perfumes And Deodorants, Hair Colorants, Other Reported Categories
3) By Service Providers: Clinical Research Organizations (CROs), Business Process Outsourcing (BPOs)

Europe was the largest region in the global cosmetovigilance market in 2023. The regions covered in the cosmetovigilance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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Major Driver Impacting Market Growth
The rising usage of cosmetics is expected to propel the growth of the cosmetovigilance market going forward. Cosmetics refers to a product used on the human body to cleanse, enhance, contribute to attractiveness, change appearance, or maintain or promote healthy skin or hair. Cosmetovigilance helps people using cosmetics to understand the quality of the cosmetic product by analyzing the safety monitoring of cosmetic products. As a result, the rising usage of cosmetics increases the demand for the cosmetovigilance market. For instance, in April 2023, according to Global Cosmetic Industry, a US-based company specializing in beauty, and personal care, U.S. premium beauty sales for Q1 2023 increased 16% year over year and reached $6.6 billion. Further, in January 2021, according to an article shared by Automat.ai, a Canada-based business services, software, and computer software company, in the US, sales of skincare products increased by 13% last year, while sales of makeup items increased by 1%. Therefore, the rising usage of cosmetics is driving the growth of the cosmetovigilance market.

Key Industry Players
Major companies operating in the cosmetovigilance market report are PharSafer Associates Ltd., Zeincro GmbH, Skill Pharma Limited, ClinChoice Inc., Poseidon Clinical Research Organization GmbH, AxeRegel AG, Freyr Solutions LLC, OC Vigilance SAS, Pure Drug Safety Inc., Société Générale de Surveillance, Coronis Research S.A., Biorius Inc., B&B Associates LLP, Pharma IQ LLC, Medwork GmbH, iSafety S.L., MSL Solution Providers LLC, Pharmathen SA, Cliantha Research B.V., Veristat LLC, ClinAudits Inc., ProPharma Group International, PrimeVigilance LLC, Arriello Group, Qserve Group Limited, PharmaLex GmbH, ELC Group LLC, Groupe PARIMA, Quality Assistance LLC, PharmInvent NV

The cosmetovigilance market report table of contents includes:
1. Executive Summary
2. Cosmetovigilance Market Characteristics
3. Cosmetovigilance Market Trends And Strategies
4. Cosmetovigilance Market – Macro Economic Scenario
5. Global Cosmetovigilance Market Size and Growth
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31. Global Cosmetovigilance Market Competitive Benchmarking
32. Global Cosmetovigilance Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Cosmetovigilance Market
34. Cosmetovigilance Market Future Outlook and Potential Analysis
35. Appendix

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